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One of the greatest challenges for small business owners is to recruit, train, and retain good workers. It’s very tough for a small company, especially in the bootstrapping start-up phase, to compete with bigger companies when it comes to offering competitive salaries and attractive benefits.
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No matter what kind of work you require, you can find a temporary worker to fit all. The greatest advantage to hiring a temp is that because they are on someone else’s payroll, you don’t have to worry about benefits or payroll taxes.
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You do not pay any sales tax if you do not apply for and get a sales tax number from your state. But, if you do have a sales tax number from your state, you must make sure to pay your taxes. Many states not only impose financial penalties, which are double or triple the amounts due, some even impose criminal penalties.
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Local business licenses are designed for businesses where customers visit the business location. If, however, you open an office or take some space in a commercial location, then you might need a local business license.
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Do it yourself using a software program such as QuickBooks or Peach Tree Accounting Software. After you buy the software, you download the tax rates and payment schedules for your state and the software accounts for them every time you write a payroll check.
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To be useful your goals should be specific and achievable. A goal such as “I want to become a millionaire within two years” is both vague and might be highly difficult to achieve unless you already have $800,000 in assets. A better business goal would be this: “I want to achieve certain sales, say ‘X’ within one year and ‘2X’ within two years.”
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Do you really know who your customers are and whether you are responsive to their changing needs? If you are unsure, create a database to collect information on their purchasing habits, likes, wants, and business practices. Be sure to update the database on a regular basis.
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Start with the big picture. Ask yourself what you want to accomplish, where you are trying to go, and what the most important things are for you to do. This type of clear thinking will give you a solid foundation for goal setting, prioritizing, and establishing a clear sense of direction.
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The two most popular pension plans for small closely held corporations are the Keogh Plan and a Simplified Employee Pension (SEP-IRA). The SEP-IRA is simpler to set up and administer, but does not allow you to contribute as much as a Keogh Plan.
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As they say, you need to have a Plan. Starting a successful business starts at making a good viable Business Plan. Very basic questions, what will be your business about - whether you buy or sell something or you provide some service. The next question is do you have the adequate working knowledge about the [...]
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Going out to get that Loan, get a Bank’s prospective first!
AREAS OF GENERAL INTEREST TO LENDERS
A financial institution’s lending policies fall into three general areas: assessment of a borrower’s personal and business history, employing a risk reduction program, and consideration of potential disqualifying factors.
Lenders investigate the following criteria:
· Personal credit record of the borrower.
· [...]
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One key to successful business start-up and expansion is your ability to obtain and secure appropriate financing. Raising capital is the most basic of all business activities. But as many new entrepreneurs quickly discover, raising capital may not be easy. In fact it can be a complex and frustrating process.
However, if you are informed, well-prepared, [...]
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